Thu 12 Feb 2009 09:41

380-cst cargo sold for March loading


Low deal discount reported on increasing demand for fuel oil from the United States.



India's Mangalore Refinery and Petrochemicals Ltd. (MRPL) has sold an 80,000-tonne cargo of fuel oil scheduled for loading in March, Reuters reports.

The 380-centistoke (cst) parcel is due to be lifted from New Mangalore on March 12th-14th after a deal was reportedly reached with Petrodiamond at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

Last month, MRPL sold a similar-sized cargo of 380-cst for lifting on February 26th-28th. The deal, which was made to energy trading company Vitol, is also understood to have been sold at a discount of $2.00 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

A month earlier, Vitol also purchased an 80,000-tonne cargo of 380-cst fuel oil from MRPL, however the discount was much greater at around $5.70 to $5.90 per tonne to Singapore spot 380-cst quotes on a free-on-board (FOB) basis.

The discount was even higher - at around $13.00 a tonne to Singapore spot 380-cst quotes, on a free-on-board (FOB) basis - when Japan's Petrosummit bought an 80,000-tonne cargo of 380-cst from MRPL in November.

Despite flagging bunker sales and a drop in buying interest from China, which still has stock left over from the buying rush ahead of a fuel tax increase on January 1st, fuel oil demand has been strong.

The increased buying interest has been sparked by cuts in refinery runs in the United States, which has led to a rise in demand in North America for European cargoes bound for Asia.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

Stanley George, VPS Group Technical and Science Manager, VPS. How to engineer and manage green shipping fuels | Stanley George, VPS  

Effective management strategies and insights for evolving fuel use.

Sweden flag with water in background. Swedish government bans scrubber wastewater discharges  

Discharges from open-loop scrubbers to be prohibited in Swedish waters from July 2025.

The ME-LGIA test engine at MAN's Research Centre Copenhagen. MAN Energy Solutions achieves 100% load milestone for ammonia engine  

Latest tests validate fuel injection system throughout the entire load curve.

Terminal Aquaviário de Rio Grande (TERIG), operated by Transpetro. Petrobras secures ISCC EU RED certification for B24 biofuel blend at Rio Grande  

Blend consisting of 24% FAME is said to have been rigorously tested to meet international standards.

Avenir LNG logo on sea background. Stolt-Nielsen to fully control Avenir LNG with acquisition  

Share purchase agreement to buy all shares from Golar LNG and Aequitas.

Seaspan Energy's 7,600 cbm LNG bunkering vessel, s1067, built by Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. Bureau Veritas supports launch of CIMC SOE's LNG bunkering vessel  

Handover of Seaspan Energy's cutting-edge 7,600-cbm vessel completed.


↑  Back to Top


 Related Links